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Carolyne · 2023年10月29日

但C选项 热钱涌入 也会导致高通胀吧?

NO.PZ2018091706000056

问题如下:

The emerging market country is more likely to engage in sterilized intervention if its:

选项:

A.

inflation rate is high

B.

currency is undervalued

C.

currency appreciation is caused by push factors rather than pull factors

解释:

A country would likely choose sterilized intervention if it had a highinflation rate, because unsterilized intervention would add to the monetary base andpossibly increase inflationary pressures. B is incorrect because an undervalued currencyis likely to lessen the probability of intervention, sterilized or unsterilized, in response tocapital inflows. C is incorrect because both push and pull factors can lead to bubbleconditions, excessive exchange rate appreciation, and the unwanted build-up ofexcessive speculative positions.

解析:如果一个国家的通胀率很高,它很可能会选择冲销干预,因为未冲销干预会增加货币供给量,从而增加通胀压力。A正确。

B是不正确的,因为被低估的货币可能会降低干预的效用,无论是冲销的还是未冲销的干预。

C是不正确的,因为push以及 pull因素都可能导致泡沫状况、汇率过度升值,以及不必要的过度投机仓位。

老师讲过 外汇干预和资本管制不同。但C选项 热钱涌入 也会导致高通胀吧?是不是也要进行外汇干预呢?

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笛子_品职助教 · 2023年10月30日

嗨,从没放弃的小努力你好:


老师讲过 外汇干预和资本管制不同。但C选项 热钱涌入 也会导致高通胀吧?是不是也要进行外汇干预呢?

热钱用于会导致经济过热,高通胀,是有这个可能的。

热钱过度涌入,以及高通胀,对一个国家来说都是不好的。

因此我们需要对“热钱涌入”进行干预。


但是C选项的错误不在于是否进行干预,

而在于 is caused by push factors rather than pull factors

因为push以及 pull因素都可能导致泡沫状况、汇率过度升值,以及不必要的过度投机仓位。


因此,C对了一半。

C选项说:热钱涌入需要干预。这个对。

C选项说:热钱涌入的原理是: is caused by push factors rather than pull factors,这个错。


因此,C选项,一半对,一半错,因此我们不选C。

而我们看A选项是完全正确的,相对C来说,A更加显得正确。

注意题干里的“more likely ”本题要求选择最正确的那个,既然A比C的正确程度更高,因此本题选A。

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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